Full economic recovery “unlikely” without a vaccine – IMF

Full economic recovery “unlikely” without a vaccine – IMF

While the global economy is showing signs of bouncing back from the severe downturn caused by the COVID-19 pandemic, International Monetary Fund (IMF) chief Kristalina Georgieva said that a full recovery is ”unlikely” without a vaccine.

In a column co-authored with IMF chief economist Gita Gopinath, the officials stressed that governments should continue to support workers and businesses since the unprecedented nature of the crisis could give rise to a wave of bankruptcies and job destruction.

”This crisis, however, is far from over… The recovery remains very fragile and uneven across regions and sectors. To ensure that the recovery continues, it is essential that support not be prematurely withdrawn,” they said.

Going forward, Georgieva said that global policymakers will need to invest wisely in areas that have the broadest benefit, including green jobs — such as training workers to make buildings more energy efficient — and ”accelerating digital transformation” in a way that will reduce inequalities.

Read more here.